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97 different bank accounts in almost all the commercial banks in the country detected in Visitation Panel report on Lautech account

June 11, 2017 Campus Gists 0

THE owner state governments of Ladoke

Akintola University of Technology, LAUTECH,

Ogbomoso have said that their earlier position,

demanding an external forensic audit of the

institution, so as to defuse and proffer lasting

solution to the incessant crisis that had been

affecting the institution, has been justified

based on the visitation panel’s report,

detecting 97 different bank accounts in almost

all the commercial banks in the country being

operated as against the directive of the

Treasury Single Account (TSA) policy

specifically put in place to promote

transparency.

The report, also revealed that majority of the

banks have closed shop due to either

restructuring, merger or outright de-listment by

the Central Bank of Nigeria and a total sum of

N13.626 Billion subventions, excluding

Internally Generated Revenue (IGR) was

released to the institution by Oyo and Osun

state governments between 2011-2016.

Revealing this yesterday, in Ibadan, the Oyo

state commissioner for Education, Science and

Technology, Prof. Adeniyi Olowofela, while

receiving the state executives of the Christian

Association of Nigeria, (CAN) noted that part

of the recommendations of the visitation

panel led by a far famed legal luminary, Chief

Wole Olanipekun was that the accounts of the

school and its workforce must be audited.

According to him, “We are not too comfortable

with the accounting process or procedure of

the institution, that is the least we can say

now. ” Part of the recommendations of the

visitation panel was that the accounts of the

school must be audited; not only the accounts

but the work force too must also be audited

such that we look at the best practices on how

to run this particular institution”. The bursary

departments still rely on analogue mode of

operation, with its attendant challenges and

risks”.

The Commissioner continued, “When the

government said you must have single account,

in that visitation panel report, you have various

accounts. If you have various accounts, you

have not been accused of any financial

difficulty, but we must know the truth so that

at the end of the day, we will know whether

something is wrong with the management,

administration or the accounting process.

“The visitation panel observed that the

University opened ninety-seven different bank

accounts in almost all the commercial banks in

the country. Some of the banks have closed

shop, due to either restructuring, merger or

outright de-listment by the Central Bank of

Nigeria”.

In a like manner, Olowofela summarily

analyzed as follows: “The subventions released

to LAUTECH between 2011-2016 goes thus;

Oyo state released 8,473,361,702.25, and Osun

state contributed 5,153,047,345.74, totaling

N13.626 Billion.

“Also, the students population is as follows :

Undergraduate (Regular) – 27,457.

Undergraduate (Part time ) – 1514.

Postgraduate (Regular) – 2857. Postgraduate

(Part-Time) 3054 . Open Distance Learning

(ODL) 655. Total- 35,507 Students. Why is it

difficult for LAUTECH to survive, since

institutions with less students’ population are

surviving?”.

“We must ascertain whether the government

needs to jerk up the subvention or whether

government needs to remove the subvention

completely. We must know so that we will be

acting based on facts. But what are we

observing now, people are moving from one

quarter to the other raising emotions “,

Olowofela added.

Appealing to the labour unions of the

institution to give peace a chance, he,

however assured, “We are getting closer to the

solution than to the problem. If we have an

enabling atmosphere such that the audit firm is

able to do the job there, the two governments

will comply with the recommendations. The

audit firm must submit its report within the

next 3weeks. But it appears as if some people

want to truncate the exercise. I am appealing to

the workers to give peace a chance”, the

Commissioner urged.

By Idowu AYODELE.‍

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